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Use 2019 tax laws 10. Married Couple and 2 children 16 and 17 Husband earns Wife earns teaching $75,000 (and withholds tax of $10,000) $45.000
Use 2019 tax laws
10. Married Couple and 2 children 16 and 17 Husband earns Wife earns teaching $75,000 (and withholds tax of $10,000) $45.000 (and withholds tax of S6,000) In the summer, the wife runs a summer camp program and has the following items: $12,000 Income Expenses: Marketing Contract labor Equipment Contract labor 1,500 2.500 14,000 (bought in May and used 100% in business) 2,000 Interest Income CDS 3,000 Mortgage Interest Property Taxes Medical Business expense 10,000 5.000 14.000 2.000 (Non-Reimbursed husband job) They will file married filing jointly. Take only MACRS depreciation on the equipment but do not elect to expense under 179. Please show your work. Compute their business income Compute their adjusted gross income Compute their itemized deductions. Compute their taxable income. 10. Married Couple and 2 children 16 and 17 Husband earns Wife earns teaching $75,000 (and withholds tax of $10,000) $45.000 (and withholds tax of S6,000) In the summer, the wife runs a summer camp program and has the following items: $12,000 Income Expenses: Marketing Contract labor Equipment Contract labor 1,500 2.500 14,000 (bought in May and used 100% in business) 2,000 Interest Income CDS 3,000 Mortgage Interest Property Taxes Medical Business expense 10,000 5.000 14.000 2.000 (Non-Reimbursed husband job) They will file married filing jointly. Take only MACRS depreciation on the equipment but do not elect to expense under 179. Please show your work. Compute their business income Compute their adjusted gross income Compute their itemized deductions. Compute their taxable incomeStep by Step Solution
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